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スリランカweekly 20090615

  • 投稿日:2009年6月15日

Major Currency Movements against USD

 

Opening

Closing

EUR/USD

1.4114/18

1.4033/34

GBP/USD

1.6564/68

1.6468/70

USD/JPY

97.69/70

98.17/22

AUD/USD

0.817/78

0. 8134/39

USD/CAD

1.1052/56

1.1179/85

– (As at 12thJune 2009)

 

 Stock Market Details

Index

Closing

Change

%

ASPI

2,254.62

+34.51

+1.55

MILANKA

2,524.80

+42.24

+1.70

NASDAQ

1,858.80

-3.57

-0.19

DOW

8,799.26

+28.34

+0.32

– (As at 12th June 2009)

Banks to Expand Services in the Northern Province
Following the liberation of the entirety of the Northern Province, banks have shown a considerable interest in resuming normal banking operations
in the Province. This situation has resulted in many licensed commercial banks and licensed specialized banks seeking approval to open
new branches and other banking outlets in the Northern Province. The Central Bank has, over the past 3 weeks, granted approval for 67 new
banking service outlets in the Northern Province, which is the largest number of approvals given during a comparable period. This trend of
banking expansion in the Northern Province is expected to grow with the resettlement of the displaced persons.
The Central Bank is also formulating new micro-finance programmes to cater to the credit needs in the Province and to unleash the potential for
development, and thereby facilitate faster development in the Northern Province. The resulting expansion in business will strengthen the financial
position of the banks as well.

 

38th Meeting of the Board of Directors of Asian Clearing Unionto be held in Colombo on 16th June 2009
The Central Bank of Sri Lanka will be hosting the 38th Meeting of the Board of Directors of the Asian Clearing Union (ACU) on June 16, 2009
in Colombo. The meeting will be inaugurated by the Prime Minister of Sri Lanka, Hon. Ratnasiri Wickremanayake. The main purpose of the
meeting will be to review the operations of the ACU and to adopt resolutions that are deemed necessary for the continued successful operation
of the ACU. The principal advantage of the ACU is that it allows members two months credit in settling their payments relating to the trade
transactions among member countries which are routed through the respective Central Banks/Monetary Authorities. The ACU headquarters is
based in Tehran, Iran.
The key objectives of the ACU are to: (a) provide the facility to settle payments for current international transactions on a multilateral basis
among member countries; (b) promote monetary cooperation among participants; and (c) develop close relations among the banking
systems in the member countries and thereby to promote trade and economic activities among member countries. The ACU which was established
in 1974, presently has a membership of eight Central Banks/Monetary Authorities consisting of Bangladesh, Bhutan, India, Iran, Myanmar,
Nepal, Pakistan and Sri Lanka.
The Board of Directors of the ACU comprises the Governors of Central Banks/Heads of Monetary Authorities of the eight member countries.
Accordingly, the following Governors from the respective countries are expected to attend the Colombo meeting: Dr Atiur Rahman, Bangladesh
Bank, Mr. Daw Tenzin, Royal Monetary Authority of Bhutan, Dr. D Subbarao, Reserve Bank of India, Dr. M Bahmani, Central Bank of
Islamic Republic of Iran, Mr. Than Nyein, Central Bank of Myanmar and Mr. Deependra B Kshetry, Nepal Rastra Bank. In addition, Mr. M
Kamran Shehzad, Deputy Governor of State Bank of Pakistan will represent the Governor at the meeting. Mr. Ajith Nivard Cabraal, Governor
of the Central Bank of Sri Lanka will chair the meeting.

 

Sri Lanka central bank collects US$160mn since float
June 8, 2009 (LBO) – Sri Lanka’s central bank has bought 160.25 million US dollars from foreign exchange markets since a float of the currency
in late March 2009, with 123.0 million collected in the month of May.
In April the monetary authority collected 37.25 million dollars, after floating the currency and breaking a cycle of ‘sterilized intervention’ in the
last week of March as a prior action ahead of an International Monetary Fund bailout.
Though the bailout has been delayed amid political wrangling from the US and Britain, the float of the currency has achieved the objective of
stopping reserve hemorrhage.
After the float the rupee dipped to 120.00 to the US dollar, but the currency appreciated after the central bank stopped liquidity injections.
The rupee came under pressure in September 2008 after the central bank started selling dollars in forex markets and simultaneously intervened
in money markets to ‘sterilize’ liquidity shortages, which is expansionary.
To lock up foreign reserves, the sterilization has to turn contractionary, or the currency has to depreciate.
In the past month, the Central Bank’s treasury bill stock – which is a proxy for liquidity injections – has remained steady at just over 200 billion
rupees, after falling from an April peak.
Though Sri Lanka has policy rates and market interest rates much higher than the United States and a peg could be easily maintained, the link
comes under pressure when the monetary authority tries to sterilize outflows.
Despite the high policy rate bias (about 11.50 percent in Sri Lanka against near zero in the US anchor currency) sterilizations act as a type of
‘quantity easing’ putting pressure on the currency.
(LBO, 08-Jun-2009)


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